Fotolia withdraws $210 million seven-year term loan from market

By Sara Rosenberg

New York, Nov. 1 - Fotolia LLC pulled its $210 million seven-year term loan (B2) from the primary market, according to a market source.

The loan was talked at Libor plus 500 basis points with a 1.25% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for one year.

This term loan was a restructuring of the company's deal that was launched - but never closed - this past summer as a $200 million seven-year first-lien term loan (Ba3/B) and $100 million euro-equivalent 71/2-year second-lien term loan (Caa1/CCC+).

The original deal had price talk on the first-lien term loan of Libor plus 400 bps to 425 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, and price talk on the second-lien term loan of Euribor plus 800 bps to 825 bps with a 1.25% floor, a discount of 99 and call protection of 103 in year one, 102 in year two and 101 in year three.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., GE Capital Markets and KKR Capital Markets were leading the transaction.

Proceeds were going to be used to refinance existing debt and fund a dividend.

Fotolia is a New York-based provider of royalty-free images, vectors, illustrations and video footage clips.

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